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La Rainascrenie
Sales (million F) 1,744
Net Worth (million F) 314.0
Net Worth profit (million F) 0.1
Currrent Ratio (x) 0.7
Sales Growth
Country Firm
1968-69
Au Printemps 6.4%
Carrefour 95.6%
France Casino 10.8%
Docks Remois 7.0%
Galeries Lafayette -12.9%
G.B Enterprises 22.3%
Belgium
S.A Innovation -9.1%
Karstadt 8.0%
Germany Kaufhol 10.5%
Nechermann 6.9%
Great Universal 7.0%
U.K
Marks and Spencer 12.4%
Italy La Rainascrenie 4.4%
Net Income
Country 1967-68
Au Printemps 17.48
Carrefour 10.14
Casino 16.59
Docks Remois 4.51
France Galeries Lafayette (5.23)
G.B Enterprises 13.66
Belgium S.A Innovation 9.86
Karstadt 133.77
Kaufhol 98.67
Germany Nechermann 21.00
Great Universal 295.65
U.K Marks and Spencer 239.04
Italy La Rainascrenie 24.44
Current Profit
Country 1967-68
Au Printemps 1.0
Carrefour 0.9
Casino 1.1
Docks Remois 1.2
France Galeries Lafayette 1.2
G.B Enterprises 1.7
Belgium S.A Innovation 2.6
Karstadt 4.1
Kaufhol 1.7
Germany Nechermann 1.6
Great Universal 2.8
U.K Marks and Spencer 1.1
Italy La Rainascrenie 0.9
0.72 0.92 1.28 0.13 0.29 0.30 0.36 3.17
Sales (million F) Net Worth (million F ) Net Profit/ NetWort
1968-69 1969-70 1970-71 1967-68 1968-69 1969-70 1970-71 1967-68
5,480 6,120 6,719 372 373 378 372 4.7%
1025 1445 2234 39 89 98 112 26.0%
1380 1589 1868 79 110 118 141 21.0%
627 683 732 85 89 92 95 5.3%
484 545 582 275 267 243 160 -1.9%
812 1,343 1719 138 145 225 247 9.9%
381 853 971 145 152 262 260 6.8%
5,281 5,745 6,644 1,029 1,102 1,190 1,272 13.0%
4,929 5,218 5,928 759 816 858 931 13.0%
2,190 2,348 2,697 210 216 209 222 10.0%
4,370 4,856 5,079 1,971 2,002 2,154 2,364 15.0%
3,626 4,129 4,766 1,328 1,371 1,424 1,858 18.0%
1,426 1,564 1,744 298 306 324 314 8.2%
Ratio Total Debt/Shareholders Equity
1.0 1.2 0.9 0.9 1.1 1.2 1.4
0.9 0.9 0.9 3.8 2.4 3.7 4.6
1.1 1.2 1.0 3.5 2.8 3.6 4.0
1.3 1.2 1.4 1.3 1.7 2.0 2.1
1.0 1.1 1.0 0.8 1.0 1.2 1.6
1.6 1.6 1.4 1.0 1.3 1.1 1.9
3.1 1.5 1.1 0.8 0.8 1.3 1.4
3.4 2.6 2.0 0.8 0.8 0.9 0.9
1.9 2.7 2.1 1.5 1.4 1.5 1.6
2.0 2.0 1.6 2.2 2.6 2.8 3.3
2.6 2.6 2.8 0.5 0.7 0.7 0.7
1.1 1.0 1.1 0.6 0.7 0.8 0.8
0.8 0.8 0.7 1.5 1.6 1.8 2.0
Carrefour % Difference
2,234.0 0.28
112.0 (0.64) 7,000
0.4 3.70 6,000
5,000
0.9 0.29 4,000
3,000
Sales Amount (in Million F)
2,000
1,000
-
Sales Growth
1969-70 1970-71
11.7% 9.8%
41.0% 54.6%
15.1% 17.6%
8.9% 7.2%
12.6% 6.8%
Sales
65.4% 28.0%
123.9% 13.8%
8.8% 15.6%
5.9% 13.6%
7.2% 14.9%
11.1% 4.6%
13.9% 15.4%
9.7% 11.5%
Net Income
1968-69 1969-70 1970-71
18.28 7.18 1.86
16.02 22.54 43.68
15.40 16.52 22.56
4.72 5.43 6.56
(4.01) (24.06) (8.32)
15.95 24.75 37.05
6.84 15.72 12.48
143.26 154.70 165.36
114.24 128.70 130.34
23.76 10.45 15.54
300.30 323.10 354.60
246.78 284.80 445.92
24.79 25.27 26.06
Current Profit
1968-69 1969-70 1970-71
1.0 1.2 0.9
0.9 0.9 0.9
1.1 1.2 1.0
1.3 1.2 1.4
1.0 1.1 1.0
1.6 1.6 1.4
3.1 1.5 1.1
3.4 2.6 2.0
1.9 2.7 2.1
2.0 2.0 1.6
2.6 2.6 2.8
1.1 1.0 1.1
0.8 0.8 0.7
2.22 2.95 4.70
Net Profit/ NetWorth (Percent)
1968-69 1969-70 1970-71
4.9% 1.9% 0.5% France Market Share
Carre
18.0% 23.0% 39.0% Au Printemps 6,719
14.0% 14.0% 16.0% Carrefour 2,234
5.3% 5.9% 6.9% Casino 1,868
-1.5% -9.9% -5.2% Docks Remois 732 15.39%
11.0% 11.0% 15.0% Galeries Lafayette 582
4.5% 6.0% 4.8% 12,135
13.0% 13.0% 13.0%
14.0% 15.0% 14.0% 18.41%
11.0% 5.0% 7.0%
15.0% 15.0% 15.0%
18.0% 20.0% 24.0%
8.1% 7.8% 8.3%
France 12,135
Belgium 2690
Germany 15,269
UK 9,845
Italy 1,744
41,683
7,000 Belgium
6,000 Germany
5,000
4,000 UK
3,000
Sales Amount (in Million F)
2,000 Italy
1,000
-
Galeries Lafayette
La Rainascrenie
Karstadt
Casino
S.A Innovation
Nechermann
Carrefour
Docks Remois
G.B Enterprises
Kaufhol
Great Universal
Sales by Country
Gale
Gr
G.
Marks
Sales
La
France Belgium Germany U.K Italy
Sales by Country
Carrefour Market Share in France
Au Printemps
6.03% 4.80%
Carrefour
15.39%
Casino
Docks Remois
55.37% Galeries Lafayette
18.41%
Sales by Country
18,000
16,000
14,000
sales in Million F
12,000
10,000
8,000
6,000
4,000
2,000
-
France Belgium Germany UK Italy
Country
Number of Store
opearted under trade Total Selling Area
Trade Name Owner Group name (in 000 sq m)
Carrefour Carrefour 28 250
Mammoth Paridoc 28 153
Escale Au Printemps 13 83
Radar Docks Remois 9 11
Rond Point 8 27
Euromarch GSRP 7 32
Auchan 5 47
Record 5 23
Geant Casino Casino 4 36
Delta 4 24
1971
85,090
26,050
13,710
124,850
Asumsi untuk Proyeksi 1972
AR Turnover 0.98 salaries (% from sales)
AP Turnover 20.25 depreciation (% from depreciable Fixed Assets
inventory Turnovr 21.70 other expense (% from Sales)
COGS (% from Sales)
Revenue Growth 53% Dividen from profit after tax
FA Growth 54% Employee profit sharing from profit after tax
Tax Rate 48% Minimum cash (% from sales)
Intangible assets
Fixed Assets
Land 5 8 8 14
Building and Equipment 11 22 26 50
Other Fixed Assets 6 9 14 21
Total Fixed Assets 22 39 48 85
Less Depreciation 5 8 12 10
Net fixed asssets 17 31 36 75
Investment and advance to affiliates 2 3 4 5
Total Non Current Asset 19 34 40 80
Total Assets 35 62 85 188
3
Account Payable
Trade Notes (non Interest Bearing) 16 33 39 100
Other current liabilities 5 6 15 23
Current Liabiliites 21 39 54 123
Special Provision
Long Term Debt 3 9 14 26
3 9 14 26
Total Liabilities 24 48 68 149
Shareholder Equity 11 14 17 39
Total Liabilites and Equities 35 62 85 188
- - - -
Starting Inventory 6 6 14 17
Plus: Purchases 133 194 291 454
Less: Ending Inventory 6 14 17 30
COGS 133 186 288 441
Gross Margin 20 29 44 72
Salaries 8 11 16 26
Depreciation and amortization 2 5 4 8
Other expenses 3 7 11 17
Total expense 13 23 31 51
Operating Profit 7 6 13 21
Special Provision 0 0 0
Long Term Debt 6 5 12
Shareholder Equity (2) (4) 2
4 1 14
4 1 1 1
20 25 28 43
82 136 202 312
38 52 49 76
140 213 279 430
22 35 63 109
118 178 216 321
10 12 19 19
132 191 236 341
300 457 622 457
48 61 77 141
79 147 244 -
59 86 124 124
186 294 445 265
1 1 1
25 64 64 64
25 65 65 65
211 359 510 330
89 98 112 127
300 457 622 457
- - - -
34 65 72
782 1,063 1,670
65 72 107
751 1056 1635 2,541
127 194 301 420
56 82 119 164
15 19 32 46
26 41 61 89
97 142 212 299
30 52 89 121
4 -5 1 0
-4 -7 -10 (7)
30 40 80 114
14 17 36 55.31
16 23 44 59
4 5 6
7 10 20 25.47 0%
6 10 20 18.37 29%
0 1 0 -
-1 39 0 -
31 (20) (34) (44)
30 20 -34 (44)
33 65 35 (345)
18 51 116 151
51 116 151 (194)
Trends
1966 1967 1968
Sales 41% 54% 55%
COGS 40% 55% 53%
Gross Margin 45% 52% 64%
Operating Profit -14% 117% 62%
Income Tax 0% 133% 71%
Net Income 0% 133% 43%
Inventory 133% 21% 76%
Current assets 75% 61% 140%
Non current asset 79% 18% 100%
Fixed Assets 77% 23% 77%
Shareholder Equity 27% 21% 129%
Investment and advance to affiliates 50% 33% 25%
Ratio
Activity Ratio 1966 1967 1968
AR Tunover (in Days) - 1.08 1.40
AP Turnover (in Days) - - -
Inventory Turnover (in Days) 23.44 18.43 21.05
Cash Convertion Cycle 23.44 19.52 22.46
45 71 121
-14 -17 -36
25 64 64
89 98 112
186 294 445
300 456 621
JV JV JV
F
1967 1968 1969 1970 1971
53% 57% 56% 58% 62%
47% 43% 44% 42% 38%
Ownership, profitability
Ardennals 1969
1970
1971 14.60% 58 175
Ditrimas 1969
1970 49.90% 42 8
1971 49.90% 45 19
Italmare 50%
Hypermart Ltd 10%
Pelaza 6*%
Other Affiliated
1.8
0.8
2.6
4.8
2.2
1.3
0.2
18.7